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Coastal road: Land prices jump, new investment opportunities open
Coastal road: Land prices jump, new investment opportunities open
…as construction work on Phase 1 nears completion
In a very dramatic manner, parcels of land along the 700-kilometre Lagos-Calabar coastal highway have, in the last six to 12 months, seen significant price increases, more so as construction on Phase 1 of the project is nearing completion.
The first phase of the highway, measuring 47.47 kilometres, starts from Ahmadu Bello Way in Victoria Island, Lagos, and ends in Lekki around the Lekki Deep Sea Port and Dangote Refinery axis. It is expected to be completed by May 29, 2025.
People who invested in land in all the areas around Lekki Free Tade Zone, Eleko and Ibeju Lekki had been enjoying considerable value appreciation as a result of the coming of developments such as Dangote Refinery, Lekki Deep Sea Port, among others.
The passing of the coastal highway through this axis has raised property values a lot higher in th as many investors swoop on the area, buying just any available land in anticipation of a further rise in prices in the coming years
“You need to visit these areas, especially all the areas around Ibeju Lekki, and see the level of investment going on there. People are taking position because when the coastal road is completed, you can drive to Victoria Island in less than one hour,” Ololarenwaju Kuyebi, managing director, GMH Luxury, said in an interview recently.
“Land value has gone up by more than 200 percent in the last 12 months in Ibeju Lekki. I know of someone I advised to key into the emerging opportunities in that axis. He bought three plots of land at N1.5 million each and, today, one plot is over N3 million,” he added.
Kuyebi disclosed that people are investing in land banking in that area, describing it as a wise investment decision that will give good return on investment in time to come.
Some real estate development companies are also perfecting plans to invest in that axis in the expectation that demand will come. Odunayo Ojo, the chief executive of UPDC , disclosed recently that Ibeju Lekki is part of their new towns development strategy.
Peter Oyedepo, a Lagos-based realtor, who described the coastal road as a transformative piece of infrastructure that promises to reshape Nigeria’s coastlines, enhancing connectivity and driving economic growth, says investors have every reason to invest along the coastal road.
Oyedepo explained recently that because the coastal road connects cities and towns, making once remote places accessible, it will drive population growth and real estate demand in those cities and towns.
He added that besides its economic growth potential, the coastal road will boost tourism. He explained that because the road passes through beaches, forests, and cultural landmarks, it is a prime spot for tourism-related investment such as resorts, hotels and vacation rentals.
Oyedepo advised that people can invest in both residential and commercial properties such as luxury buildings, affordable apartments, office facilities, malls, warehouses, among others. He hopes that all these will be in high demand in no distant future.
The federal government is already taking position along the coastal highway, as the first phase of the road construction approaches completion deadline
The government is planning to create tolling stations and construct tourist centres along the highway, expecting to draw in investors and enhance the country’s economy.
David Umahi, the minister of works, who disclosed this during an inspection tour of the road recently, said the entire road stretch measuring 700 kilometres is expected to be completed within eight years.
“Along the corridor, you have some lands that have been acquired for tourism, industries, factories, housing estates, etc. So, these are the road architectures that will be seen on this highway. And we also plan to have tolling units,” Umahi said.
According to him, the more than $12 billion superhighway project is also expected to be solarised for easy movement at night and security measures. It is also expected to have a flyover to avoid traffic jams. –
BUSINESSDAY
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FG To Build Bamboo Houses For Low And Medium Income Earners
Federal Government says it is embarking on building affordable and durable smart houses for low and medium-income earners across the country using only bamboo plants.
FG said bamboo, with other proven technologies, can provide a scalable solution to the housing needs of Nigeria’s growing population without exploitation of the environment.
The Permanent Secretary, Federal Ministry of Innovation, Science and Technology, Mrs. Esuabana Nko Asanye, who disclosed this in Abuja on Wednesday added that the Nigerian Building and Road Research Institute (NBRRI) Technologies, an agency under the ministry, is embarking on solving the diverse needs within Nigeria’s housing sector using green technologies, and that’s include using only bamboo plant for smart houses.
Mrs. Esuabana, who was represented by the Director Environmental Science Technology (EST), Mrs. Benadette Oguche, made this statement at a One-Day Capacity Building Workshop on the Relevance of Bamboo for Climate-Smart Housing Construction: Integrating Nigerian Building Road Research Institute (NBRRI) Technologies in Reducing Carbon Footprint, in Abuja.
Esuabana explained that by adopting only bamboo plants for smart houses, Nigeria will not only promote environmental sustainability but also ensure that the construction process aligns with principles of adaptability, comfort, and affordability for both low and medium-income earners in the country.
The Permanent Secretary also stated that she believes that the knowledge gained from the workshop would help overcome the challenges that lie ahead, which include high initial capital cost, unstable supply of raw materials, among others.
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Real Estate Achievers Awards and Exhibition 2025 (REAA)
Maiden Edition
Theme: Nigeria Real Estate & Construction Industry: Bridging Nigeria’s Housing & Infrastructural Gap Amidst Rapid Population Growth & Infrastructural Decay
Celebrating and honoring 250 Real Estate & Construction Companies in Nigeria.
Celebrating those worthy of Emulation!.
The Largest Gathering of the creme de la creme of the Real Estate & Construction Industry in Nigeria
We are anticipating over 500 Real Estate and Construction practitioners in attendance
Real Estate Achievers Awards and Exhibition 2025 (REAA) would be the number one and authentic annual real estate awards and event, Celebrating Icons of Nigeria’s Real Estate and Construction Industry, those revolutionizing the Real Estate & Construction Industry in Nigeria
Be part of the Real Estate Achievers Awards and Exhibition 2025 to expand your network, engage with Industry peers from across Nigeria fostering valuable connections.
An opportunity to meet 500+ exhibitors showcasing the latest in building designs, materials, technology, machinery, lands and building sites
Connecting with top developers, suppliers, contractors, and investors, an Opportunity to exhibit latest and affordable homes designs to millions of Nigerians within and outside Nigeria under one roof!.
The Award presentation ceremony would be broadcast and televised live to the world on all our social media channels
You also have an opportunity to exhibit and showcase your latest building designs and sites to the audience on our digital screen at the award presentation ceremony.
Participants would be required to provide a HD short video, not more than one minute or HD pictures in a flash drive of projects, houses, new building designs, materials, technology, machinery, electronics, furniture, land and sites. Et ce tera to be televised to the world and audience on the award presentation day
Date: Saturday, August, 3Oth, 2025|10am.
Venue: Lagos Chambers of Commerce and Industry (LCCI)– Alausa. Ikeja.
For Enquiries – Call – 08060429096, 09121749669
Email:[email protected]
For more update – Visit: →www.realestateachievers.com
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TO APPLY FOR LAND USE CHARGE EXEMPTION AS A PENSIONER LIVING IN LAGOS STATE*
As a pensioner in Lagos State, you can apply for exemption from the Land Use Charge (LUC) by following the procedure outlined below.
Under the Lagos State Land Use Charge Law, owner-occupiers who are pensioners (either under the public or private sector) are eligible for exemption.
The steps to take are below:
1. Write an application letter with the following supporting documents:
a. A letter of retirement or proof of being a pensioner
b. A valid means of identification
c. A Utility Bill (e.g., electricity or water bill) showing proof of residence.
d. A copy of the Title Document of the property (e.g., Certificate of Occupancy, Deed of Assignment, or Registered Conveyance).
e. A Sworn Affidavit confirming that the property is owner-occupied and not used for commercial purposes.
2. Submit the Application
Submit the application letter and supporting documents to the Land Use Charge Assessment Office at the Lagos State Ministry of Finance or any LUC office near you.
Ensure you collect an acknowledgment copy of the letter after submission for ease of follow-up.
3. Verification and Approval
The Lagos State Government will review and verify your application.
If successful, you will receive a response that exempts you from paying the Land Use Charge.
Please Note:
The exemption only applies to pensioners who personally reside in the property. If the property is rented out or used for commercial purposes, the exemption will not apply.
The government conducts periodic reviews to confirm continued eligibility for the exemption. If the property has changed status after the exemption has been granted, the exemption can be revoked.
*If you need further assistance, you can visit the Lagos State Land Use Charge Office* .
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